May 28, 2024

Remicade Biosimilars Market is expected to be Flourished by Growing Number of New Product Launches

Remicade biosimilars are similar to the original biologic drugs and offer high quality treatment options for patients. With patents of originator biologics expiring, biosimilars provide an opportunity to treat more patients in a more affordable way. Several pharmaceutical companies are launching high quality, effective and safe biosimilar versions of Remicade. For instance, Inflectra and Renflexis were launched by Samsung Bioepsis and Merck respectively. Such new product launches are expected to increase access and drive down treatment costs, thereby flourishing the global Remicade biosimilars market.

The global Remicade biosimilars market is estimated to be valued at US$ 3464.39 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market Dynamics:

One of the key drivers fueling the market growth is the increasing number of new product launches. For instance, in 2021, Coherus BioSciences Inc received FDA approval for its biosimilar candidate CHS-1420, a biosimilar to Remicade. With proven efficacy and safety profiles, such new product introductions are increasing treatment options as well as accessibility for patients. They also provide cheaper alternatives to the branded biologics, thereby reducing the cost burden on patients as well as on the overall healthcare systems. This growing product pipeline is expected to boost the demand and drive the market growth over the forecast period.

The other driver is the expiration of patents of originator biologics. Remicade went off-patent in the US in 2018 and in Europe in 2015. This opened opportunities for biosimilar manufacturers to develop and launch their versions of Remicade. Regional licensing agreements have also boosted market access and adoption of biosimilars in Europe. Such patent expirations promote market competition and cost savings associated with biosimilars, thereby fueling the market growth over the projected period.

Segment Analysis
Remicade Biosimilars Market can be segmented into hospital pharmacy, retail pharmacy and online pharmacy. Retail pharmacy segment currently dominates the market owing to large patient pool preferring retail pharmacies for procuring affordable biosimilar drugs over expensive brands. Rising awareness about biosimilars being more cost-effective than reference biologics along with growing preference for home healthcare are expected to propel the retail pharmacy segment growth over the forecast period.

PEST Analysis
Political: Regulatory reforms promoting biosimilars adoption in developing nations through incentives and awareness programs will aid market growth. However, ongoing trade wars and price regulations can restrain market expansion.
Economic: Cost-effectiveness of biosimilars compared to reference biologics along with focus on value-based care is expected to drive market growth especially in price-sensitive developing economies.
Social: Increasing prevalence of chronic inflammatory diseases like rheumatoid arthritis and growing geriatric population dependent on biologics are expected to boost demand. However, social stigma around biosimilars effectivity and safety perception can hamper market growth.
Technological: Advancements in biosimilar production and analytical techniques is enabling higher molecular similarity with reference products, improving product quality, and expediting regulatory approvals thus benefiting the market.

Key Takeaways
The Global Remicade Biosimilars Market Size is expected to witness high growth over the forecast period driven by patent expiry of originator biologic, cost savings through biosimilars and favorable regulatory support. The global Remicade Biosimilars market is estimated to be valued at US$ 3,464.39 million in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.

Regional analysis indicates North America currently holds the largest market share owing to robust healthcare infrastructure and rising demand for affordable treatment options. Asia Pacific region is anticipated to showcase fastest growth on back of growing population healthcare needs, rise of medical tourism destinations and focus of global players to tap opportunities in price-sensitive emerging countries.

Key players operating in the Remicade Biosimilars market are Henkel AG & Co. KGaA, Chemtronics, Electrolube, Dow Corning Corporation, 3M Company, Dymax Corporation, KYZEN Corporation, Master Bond Inc., Techspray, Chase Corporation, ACC Silicones Ltd., LORD Corporation, Shin-Etsu Chemical Co., Ltd., Avery Dennison Corporation, MG Chemicals. Key players are mainly focusing on new product launches, collaborations and geographic expansions to strengthen their market presence.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it